Bailey settlement throwing incorrect error

Forum|Forum|2 years ago
April 14, 2024
2 replies
2 views

Blocked numbers for privacy, but they are the same number. Why isn't TurboTax Home and Business Desktop allowing me to efile this?

TurboTax Home & Biz Windows

SteamTrain

Level 15

1) If your 1099-R, that is eligible for the Bailey Settlement deduction, if it has a non-zero $$ number in box 2a, make sure that the amount you are claiming is not greater than that 2a value. Also see picture below.

2) IF it is a military pension, make sure you are not claiming it for BOTH, the Bailey settlement, AND Uniformed Services Retirment in the NC Q&A. Once you select the Bailey Settlement on the follow-up page when entered in the Federal section, then that's your claim. Then later during the NC Q&A it ask you to enter some $$ for a Uniformed Services Retirment....you DO NOT enter it there again...that's double-claiming it. One or the other, not both.

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____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

RamTris

Level 2

In my case The "Bailey-TP shows exactly the amount that I am claiming as the Baliey deduction. Yet the program does not allow me to E-file. I don't understand what's going on. The amount shown is the sum total of the 2a information on the 1099-Rs.

SteamTrain

Level 15

@RamTris

Yeah, but was the total of your 2a $$ amounts (apparently you have more than one 1099-R) included in your Federal taxable income?

For instance, if one the 1099-R forms was for a rollover, or partial rollover of $$ into another retirement account, then those rolled $$ are not eligible for Bailey exemptions, since some or all of the $$ are not included in Federal income in the first place.

And if you have a Military pension 1099-R that is Bailey eligible, you can't exempt it both under Bailey, and a second time under the Military Pension retirement selections...one or the other, not both.

Beyond that, you'd need to describe exactly what the source was for every 1099-R you received and how it was used, before we "might" be able to describe what is happening

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*